The Company’s automobile, general and workmen’s compensation insurance is partially self-insured. The general liability deductible was per claim as of and The workmen’s compensation and automobile policies are fully-insured. The Successor and Predecessor had accrued million and million, as of and respectively, for claims incurred but reported and estimated losses reported, which is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

 

The Company offers employee health benefits via a partially self-insured medical benefit plan. Participant claims exceeding certain limits are covered by a stop-loss insurance policy. The Company contracts with a party administrator to process claims, remit benefits, etc. The party administrator requires the Company to maintain a bank account to facilitate the administration of claims. The account balance was million and million, as of and respectively, and is included in cash and cash equivalents in the accompanying consolidated balance sheets.

 

Management has accrued million and million, as of and respectively, for health claims incurred but reported based on historical claims amounts and average lag time, which is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

 

 

The Company is currently involved in certain legal proceedings and other disputes with parties that have arisen in the ordinary course of business. Management believes that the outcomes of these matters will have a material impact on the Company’s financial statements and does believe that any amounts need to be recorded for contingent liabilities in the Company’s consolidated balance sheets.

 

 

The ABL Credit Agreement provides for up to million of standby letters of credit. As of total outstanding letters of credit totaled million, the vast majority of which had been committed to the Company’s general liability insurance provider. 

 

The underwriters were entitled to an underwriting discount of per unit, or million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, per unit, or million in the aggregate of deferred underwriting commissions were payable to the underwriters from the amounts held in the Trust Account upon consummation of the Business Combination, subject to the terms of the underwriting agreement. Industrea paid this amount on

 

In Industrea entered into an expense reimbursement agreement (the “Reimbursement Agreement”) with the sellers of a potential Business Combination target (the “Sellers”). Discussions regarding the proposed transaction were terminated in Pursuant to the terms of the Reimbursement Agreement, the Sellers agreed to reimburse Industrea for fees incurred, in connection with the transaction, from and through the date of termination. During the quarter of Industrea received from the Sellers as the final settlement of amounts owed under the Reimbursement Agreement. The reimbursement amount was recorded as offset against general and administrative costs in the accompanying Statement of Operations for the period from through ended

The Company has an Incentive Compensation Plan that has been approved by the Board of Directors. The Plan establishes a cash bonus pool for eligible employees of the Company. The balance available for the cash bonus pool is established by meeting certain performance targets. As of and the Company accrued and respectively, of bonuses payable under the Incentive Compensation Plan, which has been included in accrued payroll and payroll expenses in the accompanying consolidated balance sheets.

 

BB’s automobile, general and workmen’s compensation insurance is partially self- insured. As of the general liability deductible was per claim. Beginning in fiscal years and the workmen’s compensation and automobile policies, respectively, were fully insured. As of and management has accrued and respectively, for claims incurred but reported and estimated losses reported, which is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

 

The Company offers employee health benefits via a partially self-insured medical benefit plan. Participant claims exceeding certain limits are covered by a stop-loss insurance policy. The Company contracts with a -party administrator to process claims, remit benefits, etc. The -party administrator requires the Company to maintain a bank account to facilitate the administration of claims. As of and the account balance was and respectively, and is included in cash in the accompanying consolidated balance sheets. As of and management has accrued and respectively, for health claims incurred but reported based on historical claims amounts and average lag time, which is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

 

The Company is currently involved in certain legal proceedings and other disputes with parties that have arisen in the ordinary course of business. Management has reviewed these issues to determine if reserves are required for losses that are probable to materialize and reasonable to estimate the amount of loss in accordance with ASC . Management evaluates such reserves, if any, based upon several criteria, including the merits of each claim, settlement discussions, advice of outside counsel, as well as indemnification of amounts expended by the Company’s insurers or others, if any. Management and corporate counsel believe that the outcomes of the legal actions will have a material impact and do believe that any amounts need to be recorded for contingent liabilities in the consolidated balance sheets.

 

BB is the owner and beneficiary of term life insurance policies on the lives of its key employees. As of and the aggregate face value of the policies was and respectively. The policies do have a cash surrender value.

 

The Revolver provides for up to of standby letters of credit. As of and approximately, and respectively, had been committed to the Company’s general liability insurance provider.

The Company leases facilities, equipment and vehicles under non-cancelable operating leases with various expiration dates through Monthly lease payments range from to Total rental expense for the years ended and was and respectively, which also includes the Company’s month-to-month leases.

 

The following is a summary of future minimum lease payments for the years ended

 

2019			1,971,150
2020			1,201,642
2021			812,929
2022			577,269
2023			323,458
Thereafter			202,597
		$	5,089,045

 

BB entered into capital leases for land and buildings in Georgia and South Carolina during fiscal year The terms of the Georgia and South Carolina leases are and months, respectively, and contain purchase options that be exercised at any time during the lease. The purchase price payable upon exercise of the purchase options is equal to the fair value of the leased assets less the amount of rent paid to date. The purchase price at the end of the lease is insignificant and, therefore, the leased assets are considered to transfer ownership at the end of the lease.

 

The land and buildings and related liabilities under the capital leases were recorded at the time of the lease at the lesser of the present value of the future payments due under the leases or the fair value of the leased assets. The amount of land and buildings and capital lease obligation originally recorded under the capital leases was The capital lease obligation recorded as of and was and respectively. The net book value of the leased assets as of and was and respectively.

 

Camfaud also enters into capital leases for operating equipment. The capital lease obligation recorded as of was The net book value of the leased assets as of was Camfaud did have a capital lease obligation as of

 

Future payments of capital lease obligations, together with the present value of those future payments are as follows:

 

Fiscal years ending October 31:
2019		$	108,081
2020			110,394
2021			112,776
2022			115,229
2023			117,756
Thereafter			173,638
Total minimum lease payments			737,874
Less the amount representing interest			(85,122	)
Present value of minimum lease payments		$	652,752